Q. I am a dentist age 60 aiming to retire at age 64. I keep reading that property inflation, particularly in the south east, is set to boom during the next 10 years. I normally like to keep my life as simple as possible, but feel that I am somehow missing out if I don’t look at investing further here by looking at buy to let. I already own my own home worth around £600,000 with no mortgage, and am likely to downsize when I am in my seventies. What do you think?
A. We appreciate this feeling you have about wanting to be part of the ‘gravy train’. It is a very human reaction to the headlines we keep reading, and there is no doubt that owning property over the last 20 years has proved a very good investment. Yes, you could go the buy to let route, and over the next 10 years you quote, if the property is the right one, you may do well. If you have children you may wish to ‘give them a hand’ by even gifting such a property to them later.
However, you also state that you like to keep your life simple, and there are obviously responsibilities involved if you buy more property. Our first recommendation would be to talk to a financial planner who will look at your situation in its entirety, and ensure that your goals are achieved with the planning you have in place already. Once you know where you are, you can decide if you want to amass more wealth – or maybe just retire now!
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Other Related Posts
- Step 1: What Do You Really Want?
- Step 3: Forecasting Your Future
- Step 4: Where To Invest?